Headlines

A decision by India's Supreme Court to quash a $2.3-billion steel industry deal six years after an insolvency tribunal approved it has unsettled buyers of distressed assets, throwing a shadow over one of the country's biggest reforms, Reuters reported. Seven lawyers and bankruptcy law experts said the unprecedented ruling had set off alarm among potential buyers of other insolvent or bankrupt firms, fanning fears about the certainty of their investments. "Several large international funds ...

Siewert & Kau, a well-known IT distributor based in Bergheim, has filed for insolvency proceedings at the Cologne District Court, marking a significant development for one of Germany's largest medium-sized IT retailers, the Pinnacle Gazette reported. The company, which has been in operation for over 30 years, employs around 400 people across several European locations, including Germany, Spain, and the Netherlands. As of Monday, May 5, 2025, insolvency administrator Marion Rodine and her team have been on site to stabilize business operations.

Asbestos Corporation Limited (ACL) announced on Wednesday that an order from the Superior Court of Québec granting ACL protection under the Companies' Creditors Arrangement Act (the "CCAA") has been granted, according to a company press release. Raymond Chabot Inc. has been appointed pursuant to the Initial Order as monitor of ACL in order to assist the company with its restructuring efforts and to report to the Court. The application was filed by third parties and the Company became a co-applicant. ACL also filed a petition under Chapter 15 of the U.S.

Pelican International Inc, one of the world’s largest kayak manufacturers, is in the process of being bought out by former executives in partnership with real estate developer Groupe Mach, according to reporting by Quebec-based La Presse. The deal follows a two-step insolvency process: first Pelican sought insolvency protection under the Bankruptcy and Insolvency Act (BIA) in Canada in February 2025, before transitioning to court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA) in March.

President Trump announced an agreement on trade with the U.K. on Thursday, the first in what the White House hopes is a series of such developments since it imposed tariffs against allies and adversaries, the Wall Street Journal reported. Trump teased the announcement on Truth Social earlier, calling the agreement “full and comprehensive,” and added: “Many other deals, which are in serious stages of negotiation, to follow!” U.K. officials said the pact isn’t a comprehensive trade agreement and will instead focus on reducing tariffs in specific sectors.

The Bank of England cut interest rates on Thursday, although the uncertain impact of U.S. President Donald Trump's tariffs on economic growth brought a surprise three-way split among policymakers, Reuters reported. The BoE's rate-setters voted 5-4 in favour of cutting borrowing costs by quarter of a percentage point to 4.25%. Two members of the Monetary Policy Committee, Swati Dhingra and Alan Taylor, voted for a bigger half-point cut, while Chief Economist Huw Pill and external member Catherine Mann wanted to keep rates on hold.

Malaysia’s central bank held its benchmark interest rate steady again in a widely expected decision that comes as tariffs threaten economic stability, the Wall Street Journal reported. Bank Negara Malaysia on Thursday maintained its overnight policy rate at 3.00%, where it has been since May 2023. “At the current OPR level, the monetary policy stance is consistent with the current assessment of inflation and growth prospects,” Bank Negara said.

Brazil's central bank raised interest rates by 50 basis points on Wednesday in a sixth straight hike that pushed borrowing costs to their highest in nearly 20 years, and left future steps open amid global uncertainties and sticky domestic inflation, Reuters reported. The bank's monetary policy committee, known as Copom, raised the Selic to 14.75% in a unanimous decision.

Swedish and Norwegian policymakers left their key rates unchanged Thursday, mirroring the Federal Reserve’s decision to hold a day earlier as they assess the economic impact of tariffs, the Wall Street Journal reported. Sweden’s central bank held its key policy rate at 2.25% but suggested that further rate cuts could be on the horizon if U.S. President Trump’s tariff hikes threaten to weaken economic growth and push inflation lower. Policymakers said that uncertainty in the global economy has increased significantly since Trump took office, not least as a result of the new U.S.

Ukraine is starting to consider a shift away from the U.S. dollar, possibly linking its currency more closely to the euro amid the splintering of global trade and its growing ties to Europe, Central Bank Governor Andriy Pyshnyi told Reuters.